India’s banks are having a ball, and one foreign buyout prince that ensured a $32 billion lender made it to the soiree is dialling back on the dancing.
injected cash as the country’s third-largest non-state-controlled lender was grappling with a slew of bad loans.
Axis now oozes confidence under ex-HDFC Life Insurance executive Amitabh Chaudhry, who joined as boss in 2019. Gross bad loansof total assets, less than half the level when Bain bought in. Annualised return on equity hit 18.9% in the most recent quarter, compared to less than 3% in March 2020, underpinning a valuation of 1.9 times forward book. In March the bank acquired Citi’sPaying for that purchase probably requires raising more capital.
have fallen by around the same quantum. With Bain currently sitting on 1.6 times its money, excluding dividends, it’s a good time to send some in its party home. Ocado’s South Korean deal is valuation rocket fuel
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